GBPUSD - Trend Continuation AB-CD
In a nice trend continuation on Cable with a nice consistent LH and LL formation.
Trend extensions have been meeting the 1.272 fib so will look for a pull back into roughly the 618 level which lines up nicely with previous structure and if a signal arises I will look to short at the 618 zone taking an AB-CD formation back down to the 1.272 extension proving a normal continuation of the trend.
Stops above previous swing high.
If the trade is successfully initiated I will remove 50% of the position at previous low (1.43410) and move stops to Break Even and hopefully ride the trend extension out to target level of the 1.272 (1.42974).
Might work.. might not work... But if levels are hit and a sell signal arises, I will be giving it a go :)
Trend extensions have been meeting the 1.272 fib so will look for a pull back into roughly the 618 level which lines up nicely with previous structure and if a signal arises I will look to short at the 618 zone taking an AB-CD formation back down to the 1.272 extension proving a normal continuation of the trend.
Stops above previous swing high.
If the trade is successfully initiated I will remove 50% of the position at previous low (1.43410) and move stops to Break Even and hopefully ride the trend extension out to target level of the 1.272 (1.42974).
Might work.. might not work... But if levels are hit and a sell signal arises, I will be giving it a go :)
Kommentera:
OK, so US News and the normal Friday 'sell off' has pushed PA down. I still stand by the analysis but will wait for markets to re-open and re-calculate the pull back ready for the new entry level for shorting this trend.